July state revenues up almost $8 million
CONCORD – Businesses taxes helped push state revenues for the first month of the new 2013 fiscal year $7.9 million ahead of estimates.
The state took in $99.7 million for July, which is $13.4 million more than the state took in a year ago.
While good results from the business, rooms and meals, and real estate transfer taxes are encouraging, said Department of Administrative Commissioner Linda Hodgdon, she would be reluctant to base a forecast on the results. “Let's hope,” she said.
Business taxes returned $17.9 million, $2.7 million than budget writers anticipated and $2.8 million more than a year ago.
The rooms and meals tax produced $23.3 million in July, $2.4 million ahead of plan and $2.2 million more than a year ago. The Department of Revenue Administration attributed the good results to an improved economy and good weather in June.
The tobacco tax was slightly ahead of target producing $19.2 million in July, while liquor revenues were also about what was anticipated, returning $12.1 million. Also the communications tax was also on target returning $7.2 million for the month.
The real estate transfer tax is beginning to rebound after years of dismal returns. In July the tax produced $8.5 million, 13.3 percent ahead of estimates and about $1 million more than a year ago.
Taxes below estimates for the month were the securities, utility consumption, beer and gaming taxes.
The only levy to produce less than it did a year ago was the beer tax, down $100,000 on returns of $1.3 million.
July is a relatively small month for state revenues. The first large returns usually occur in September when quarterly business payments are due.
State budget writers expect revenues to total $2.3 billion for the 2013 fiscal year.
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